Thursday, March 21, 2019

E.W. Scripps (SSP)

Planned acquisition positions it among “super” broadcasters.

The E.W. Scripps Co. serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating. 

• Moves up the food
  chain. The recent planned acquisition for 8 television stations for
  $580 million, positions the company as among the top tier broadcasters covering
  30% of the nation’s television households. The cash flow multiple of 8.2 times
  our estimated 2020 cash flow is viewed as reasonable given the company’s
  significant platform expansion. 
• Scale is
  important. We believe that covering 30% plus of the nation’s TV
  households is important for enhanced negotiating power with cable and satellite
  providers for Retrans…
  

  
  
  
  
  

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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.